As per PTI, the Council has already finalised a four-tier tax structure of 5, 12, 18 and 28 per cent, but the model GST law has kept the peak rate at 40 per centNEW DELHI: The Union Cabinet today approved four bills to implement a planned Goods and Services Tax (GST) bills, a government official said on Monday, paving the way for Prime Minister Narendra Modi to implement the landmark tax reform from July.

The four bills are likely to be taken up by the parliament this week, and a separate state GST bill in state assemblies later, the official also said, requesting anonymity ahead of a planned news briefing.

There would be four tax slabs of 5, 12, 18 and 28 percent, plus a levy on taxes on items like cars, aerated drinks and tobacco products to compensate states for any revenue losses in the first five years.

The new tax, biggest tax reform since India got independence in 1947 from the British colonial rule, is expected to boost the rate of economic growth by about 0.5 percentage points, broaden the revenue base and cut compliance cost for firms.

Sponsored Stories

Subscribe to our Newsletters

As per the suit filed, Royal Enfield has infringed Flash electronics’ patent on “Regulator Rectifier Device and Method for Regulating an Output Voltage of the Same” duly issued by the United States Patent & Trademark Office (USPTO) to Flash Electronics on February 20, 2018 after Flash’s R&D department made a breakthrough invention of the component in 2014.